黑色商品日报 黑色商品日报（2026 年 1 月 22 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | 钢材 | 螺纹钢：昨日螺纹盘面窄幅调整，截止日盘螺纹 2605 合约收盘价格为 3117 元/吨，较上一交易收盘价格 | 窄幅震荡 | | | 上涨 6 元/吨，涨幅为 0.19%，持仓减少 0.1 万手。现货价格基本平稳，成交维持低位，唐山地区迁安普方 | | | | 坯价格持平于 2930 元/吨，杭州市场中天螺纹价格持平于 3210 元/吨，全国建材成交量 7.63 万吨。据海关 | | | | 数据，2025 年 12 月棒线材出口量 211.88 万吨，同比增长 45.24%；1-12 月棒线材出口量 1937.8 万吨，同 | | | | 比增长 61.73%。2025 年 12 月钢坯出口量 144.12 万吨，同比增长 86.43%；1-12 月钢坯出口量 1482.13 万 | | | | 吨，同比增长 134.03%。棒线材及钢坯出口量大幅增长，在很大程度上缓解了螺纹供应压力。目前螺纹整 | | | | 体处于供需双弱局面，库存压力不大， ...

经济观察网 据央视新闻客户端消息，总台记者获悉，当地时间1月22日，印度恰蒂斯加尔邦一钢铁厂发 生爆炸，目前已造成6人死亡、4人受伤。 ...

Group 1: Investor Relations Activities - The investor relations activity was a targeted research event held on January 21, 2026, from 10:00 to 11:00 in Benxi City [2][3] - Participants included representatives from various asset management firms and funds, such as Taibao Asset and Morgan Stanley Huaxin [3] Group 2: Major Asset Restructuring - The company disclosed a major asset restructuring plan in June 2023, which may significantly increase reliance on controlling shareholders and affect independent operations [4] - The feasibility and compliance of the restructuring plan are under further scrutiny, with ongoing evaluations and necessary disclosures to be made [4] Group 3: Convertible Bond Management - The company is preparing for the maturity of its convertible bonds by enhancing market value management and exploring financing channels [4] - Strategies include cost reduction, efficiency improvements, and professional integration to enhance profitability [4] Group 4: Industry Competition and Strategy - Following the restructuring of the controlling shareholder, there is a recognition of overlapping competition with Angang Group, which will be addressed through asset restructuring and business adjustments [4] - The company aims to respond to industry trends and optimize production while adhering to market demands [4] Group 5: Financial Performance and Future Goals - The company has faced three consecutive years of losses, with measures in place to comply with Shenzhen Stock Exchange regulations to avoid being classified as ST [4] - The target for automotive steel sales in 2026 is to focus on high-end products, aiming for significant growth and positioning as a core supplier to mid-to-high-end customers [4][5]

盘面上看，保险、半导体板块走低，军工、石油、燃气、煤炭、钢铁等板块上扬，商业航天、可控核聚 变概念、CPO概念等活跃。 22日，两市股指午后发力拉升，沪指翻红，创业板指涨超1%，A股市场近3600股飘红。 截至收盘，沪指涨0.14%报4122.58点，深证成指涨0.5%，创业板指涨1.01%，沪深北三市合计成交约 2.72万亿元。 德邦证券指出，短期内较高的流动性水平下市场热点有望持续活跃，但政策方面对市场的影响也将持续 存在，短期内或更多以偏强震荡为主，可关注前期市场关注度相对较低的部分科技子板块。中长期来 看，"十五五"规划引领下政策托底（央行"适度宽松"货币政策）与产业升级（"反内卷"、半导体、商业 航天、可控核聚变等）形成长期支撑，且此前央行结构性降息及提出降准降息还有一定空间释放宽松信 号，市场慢牛格局有望延续。 （文章来源：证券时报网） ...

Core Viewpoint - The steel industry is experiencing an increase in rebar production and inventory levels, while social inventory has risen for the third consecutive week, indicating a shift in market dynamics [1] Group 1: Production and Inventory - Rebar production reached 1.9955 million tons as of January 22, an increase of 92,500 tons, representing a growth of 4.86% compared to the previous week [1] - Factory inventory of rebar stood at 1.4898 million tons, up by 63,200 tons, marking a rise of 4.43% from the prior week [1] - Social inventory of rebar increased to 3.0312 million tons, with an addition of 77,100 tons, reflecting a growth of 2.61% week-on-week [1] Group 2: Demand Trends - The apparent demand for rebar was recorded at 1.8552 million tons, which is a decrease of 48,200 tons, indicating a decline of 2.53% compared to the previous week [1]

表:2025年1-12月分省市累计粗钢产量排行榜 (单位: 万吨) 排名 地区 产量 河北 1 19061.12 2 江苏 11349.34 6883.03 辽宁 3 山东 4 6827.19 5 5455.75 ma 广西 4434.47 6 7 3990.27 广东 福建 3557.43 8 9 安徽 3438.24 10 内蒙古 3260.60 11 湖北 3173.14 2726.85 12 四川 2640.22 河南 13 14 2537.06 江西 湖南 15 2197.51 2024.29 16 云南 1560.51 上海 17 天津 1514.36 18 19 吉林 1444.67 20 新疆 1367.74 浙江 21 1360.48 陕西 22 1190.52 23 甘肃 1095.48 24 重庆 894.94 52 黑龙江 877.88 552.50 宁夏 26 27 贵州 510.33 155.29 28 青海 数据来源:国家统计局 国家统计局数据显示，2025年12月中国粗钢产量6817.7万吨，同比下降10.3%；1-12月累计粗钢产量 96081.2万吨，同比下降4.4%。 | ...

Group 1 - The core point of the news is that Shengde Xintai's stock price increased by 5.02% to 40.55 CNY per share, with a trading volume of 101 million CNY and a turnover rate of 4.45%, resulting in a total market capitalization of 4.46 billion CNY [1] - Shengde Xintai New Materials Co., Ltd. is located in Changzhou, Jiangsu Province, and was established on October 15, 2001, with its listing date on September 1, 2020. The company specializes in the production, research, and sales of seamless steel pipes for various industrial energy equipment [1] - The main business revenue composition of Shengde Xintai includes: alloy steel pipes (45.54%), stainless steel pipes (29.38%), automotive motor shafts (5.67%), components and others (5.55%), automotive motor housings (4.68%), steel grating (4.05%), waste income (3.49%), and carbon seamless steel pipes (1.64%) [1] Group 2 - From the perspective of the top ten circulating shareholders, Guotai Fund has a fund that ranks among the top ten shareholders of Shengde Xintai. The Guotai CSI Steel ETF (515210) entered the top ten shareholders in the third quarter, holding 328,600 shares, which accounts for 0.57% of the circulating shares [2] - The Guotai CSI Steel ETF (515210) was established on January 22, 2020, with a latest scale of 3.98 billion CNY. Year-to-date, it has a return of 4.03%, ranking 3411 out of 5542 in its category; over the past year, it has a return of 38.97%, ranking 1904 out of 4256; and since its inception, it has a return of 77.67% [2]

这类股被错杀了吗？ 今日（1月22日）上午，周期板块再度上行。截至上午收盘，建筑材料指数大涨超2%，国防军工、石油石化等指数均大涨超2%，钢铁、煤炭等板块指数 均涨超1%。 | 3选 返回 | | 利欧股份 002131 R500 | | 告官销 | | --- | --- | --- | --- | --- | | 10.00 | | 8.42 -0.94 -10.04% | | -0.21% | | | 卖五 | 8.46 | 10155 | | | 9.00 | ਭੂਦ 70 | 8.45 | 8898 | | | | 卖三 | 8.44 | 9047 | | | 8.00 | | 8.43 | 75853 | | | | 英 | 8.42 11988402 | | | | 7.00 | द्रोह | | | | | | 买 | | | | | 6.00 | 买三 | | | | | | 买四 | | | | | 5.00 | 买五 | | | | | | 涨停 | 10.30 跌停 | | 8.42 | | 4.00 | 最高 | 8.42 量比 | | 0.04 | | | 最低 | 8.42 市 ...

Group 1 - The core viewpoint is that steel prices are expected to continue a strong oscillating trend, supported by macroeconomic conditions and cost factors, with a positive outlook for the first quarter [1] - Demand for steel is anticipated to marginally improve due to the government's "stabilizing growth" policies, particularly in the real estate and infrastructure sectors [1] - On the supply side, the industry's "anti-involution" trend suggests significant improvement potential for the performance of general steel companies, with current profits per ton of steel being considerable, indicating a potential for value recovery [1] Group 2 - The Steel ETF (515210) tracks the CSI Steel Index (930606), which selects securities from the steel industry listed on the Shanghai and Shenzhen markets to reflect the overall performance of steel industry companies [1] - The index covers various segments of the steel industry, including general and special steel, and includes stocks from the raw materials sector, showcasing the overall market dynamics of the steel industry with notable cyclical characteristics [1]

Industry News - The Ministry of Ecology and Environment, along with multiple departments, has issued a document to establish a performance grading system (A, B, C, D) for key enterprises, aiming to encourage companies to enhance their environmental protection levels and achieve air quality improvement alongside high-quality industry development [4][10] - In December 2025, China's crude steel production was 68.18 million tons, a year-on-year decrease of 10.3%. For the entire year of 2025, crude steel production totaled 960.81 million tons, down 4.4% year-on-year [4][10] Company News - On January 15, Baosteel's cold-rolled plant C308 successfully produced its first roll of high-aluminum zinc-aluminum magnesium steel, completing the three-electricity transformation five days ahead of schedule and achieving full-stack control system localization. This marks a key breakthrough in Baosteel's implementation of the "AI + Steel" new model [3][9] - On January 17, a significant milestone in the global steel industry was reached with the arrival of the first shipment of nearly 200,000 tons of Simandou iron ore at China Baowu's Majishan Port. The subsequent transport will be carried out by Baowu Resources' own vessels to Baosteel's Baoshan base [3][9] Key Data - As of January 16, 2026, the US Dollar Index was at 99.37, with a week-on-week increase of 0.23% and a year-on-year decrease of 8.79% [6][11] - The iron ore price index was recorded at $109.05, reflecting a week-on-week decrease of 2.11% but a year-on-year increase of 5.82% [6][11] - Domestic port iron ore inventory reached 17.289 million tons, showing an increase of 18.82% week-on-week and 10.01% year-on-year [6][11]